New Jersey § 17:12B-287 Management by commissioner

New Jersey Statutes

§ 17:12B-287 — Management by commissioner

New Jersey § 17:12B-287

Title 17CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

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Bluebook

N.J. Stat. Ann. § 17:12B-287 (2026).

Text

In the event that any state association shall fail to comply with the provisions of this act, the commissioner may take charge of the state association and possession of all its assets, books and records, and continue the operation of its business until the possession and management shall be returned to its board, or until the association shall merge, be dissolved or liquidated. The operation of the state association by the commissioner shall be in accordance with the provisions of Article XII of P.L. 1963, c. 144 (C. 17:12B-177 through 17:12B-197). L. 1987, c. 225, s. 7.

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In the event that any state association shall fail to comply with the provisions of this act, the commissioner may take charge of the state association and possession of all its assets, books and records, and continue the operation of its business until the possession and management shall be returned to its board, or until the association shall merge, be dissolved or liquidated. The operation of the state association by the commissioner shall be in accordance with the provisions of Article XII of P.L. 1963, c. 144 (C. 17:12B-177 through 17:12B-197). L. 1987, c. 225, s. 7.